The right time to Increase De Beers stake: Botswana’s mines minister

Botswana’s mines minister Bogolo Kenewendo says it’s “absolutely” the right time to discuss the government increasing its 15 per cent stake in De Beers.

Published

1 year ago

February 11, 2025

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She indicated that Anglo American, which owns the other 85 per cent of De Beers, was moving closer to an initial public offering (IPO) and that Botswana was pushing for a larger stake.

Anglo announced last week that it was likely to write down the value of De Beers from its current $7.6bn, as a result of persistent weak diamond demand, especially in China.

Botswana’s diamond, which accounts for over 70 per cent of the country’s export earnings, has been severely hit by the global slump in demand.

In the last nine months of 2024 Debswana – its 50/50 joint venture with De Beers it sold $1.53bn of rough, down 52 per cent on the same period in 2023.

Anglo American Advances De Beers Separation Amid Challenging Diamond Market

Anglo American Emphasized That The De Beers Carve-Out Remains A “Central Pillar” Of Its Transformation Plans

Published

12 hours ago

May 4, 2026

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Anglo American plc has confirmed steady progress in separating its iconic diamond subsidiary, De Beers Group, as part of a broader portfolio restructuring amid persistently subdued market conditions. This development underscores the mining giant’s strategic pivot away from diamonds toward higher-margin commodities.

In its Annual General Meeting (AGM) address, Anglo American emphasized that the De Beers carve-out remains a “central pillar” of its transformation plans, running parallel to divestments in steelmaking coal and nickel assets. In a year characterized by volatile markets and slow economic recovery in China, and with weaker iron ore prices and cyclically low diamond prices, Anglo American delivered a stable operating and financial performance.

Post-exit, Anglo American plans to refocus on premium segments like copper, high-quality iron ore, and crop nutrients, effectively shedding exposure to the cyclical diamond trade. Production guidance for De Beers holds steady at 21-26 million carats for 2026, with output adjustments aligned to prevailing demand.

While specific timelines for completion remain undisclosed, Anglo American anticipates providing further updates throughout 2026 as the sale process unfolds. This move signals deepening structural shifts in the global diamond supply chain, potentially reshaping rough diamond availability and pricing dynamics for Indian polishers and exporters.

With natural diamond prices under pressure from lab-grown alternatives and softening luxury demand—exacerbated by China’s uneven recovery—Anglo’s exit may prompt consolidated output cuts, stabilizing rough prices in the medium term but challenging mid-tier producers reliant on consistent volumes.

Stakeholders await clarity on potential buyers, with speculation centering on strategic investors or sovereign funds eyeing long-term diamond assets.